Unsecured Lending: South African Debt Is Unsustainable

By Anna B. Wroblewska, 05:55am AFKI Original

South Africa’s largest banks — Standard Bank, FirstRand, Nedbank, and ABSA — were all downgraded by Moody’s in the wake of the smaller African Bank’s bailout by the South African Reserve Bank in August. While these banks are much more diversified and conservative than African Bank, Moody’s apparently sees a level of risk that it hadn’t anticipated prior to African Bank’s unceremonious crumbling. In other words, South Africa has faced a flurry of downgrades in the past months.

African Leaders Push To Tackle Climate Change Impacts Now

Climate By D.A. Barber, 06:00am AFKI Original

Although the African continent contributes only about 3 percent to global greenhouse gas emissions, it would be one of the regions most severely affected by climate change. But the impacts of climate change are already being felt in Africa, causing increased wildfires, shrinking rivers that feed hydro-power plants and an increase in water-borne diseases.

What Is Power Africa’s Oil and Gas Governance Role?

oil rig By D.A. Barber, 05:35am AFKI Original

A little discussed aspect of Power Africa is a program to help sub-Saharan nations with governance of their newly discovered fossil fuel resources that affords transparent financial management.

African Expansion Critical For South African Companies

Shoprite+XXX By Anna B. Wroblewska, 05:32am AFKI Original

Over 80 percent of the company’s goods in other African countries come from non-South African manufacturers, illustrating some of the barriers to trade in the region. Persistent problems with logistics, regulation, and a lack of available retail space have also presented challenges

10 Things You Didn’t Know About Alassane Ouattara By Keren Mikva, 11:41am AFKI Original

Côte d’Ivoire’s president, Alassane Ouattara, did not have an easy path to power, but has comfortably been in the presidential office in the country since 2011. A career economist before he entered politics, Ouattara has had the difficult task of attempting to restore the Ivorian economy that was severely damaged during the civil war, and attempting to unite a fractured government.

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  • Markets

    Kenya Joins Africa’s 10 Top Economies After Rebasing

    GDP By Kevin Mwanza, 09:38am

    Kenya’s gross domestic product (GDP) was estimated to be 25 percent bigger after the authorities changed the base calculation year to 2009 from 2001, sending the east African nation into the top 10 of Africa’s largest economies. Economic output was calculated to be 4.76 trillion shillings ($53.3 billion) in 2013 after rebasing, up from 3.8 trillion shillings ($42.6 billion), the minister for devolution and planning, Anne Waiguru, told a news conference on Tuesday.

  • Business

    South Africa Considers Injecting $270 Million Into Small Businesses

    Thinkstock By Kevin Mwanza, 09:29am

    South Africa will probably need to invest about 3 billion rand ($270 million) to help smaller enterprises so that they can add to growth, Small Business Development Minister Lindiwe Zulu said. “We are expected to make proposals and we are looking at around 3 billion rand over the next three years,” Zulu said in an interview in Johannesburg today. The spending needs to be approved by the National Treasury

  • Business

    Nigeria Planning National Airline On $2B Aviation Expansion

    Youtube/TodayWorldNews By Kevin Mwanza, 09:20am

    Nigeria, a country of 170 million people that has no national airline, is in talks with private investors about setting up a new flag-carrier as it expands airport infrastructure, Aviation Minister Osita Chidoka said. Nigeria will spend about $2 billion over four years on rebuilding old airport terminals and constructing new ones as demand for travel swells, Chidoka said in an interview with Bloomberg TV Africa to be aired Oct. 3

  • Real Estate

    Chinese Firm Preps For Opening Of Luxury Housing In Ethiopia

    By Makula Dunbar, 06:28pm

    The apartments he spoke about, however, are only 70 percent completed, a video report said. While in the brick and mortar state, the final project — to be unveiled in April 2016 — gives locals enough hope of a transformed city. Chinese real estate firm Tsehay is behind the urban development project, which other residents are saying are too pricey. Tsehay Real Estate plans to build more units to serve Ethiopia’s affordable housing needs.

  • Business

    Brazilian Oil Explorer Opens Gate For Partners In Namibia

    Thinkstock By Makula Dunbar, 05:59pm

    HRT Participacoes em Petroleo SA, the Brazilian oil explorer that failed to find commercially viable deposits in Namibia after drilling three wells, says it might secure partners at some of its 10 Namibian blocks before the end of the year. “We are hopeful to find partners to provide us with finance to drill. We are looking at farming out at all our blocks and we have opened a data room in Houston,” Martin Thomas Davis, HRT Africa President said in an interview, in Windhoek.

  • Sports

    Wrestling Gains Traction Amongst Senegal’s Youth

    Uunidentified wrestlers in Senegal (Thinkstock) By Makula Dunbar, 05:02pm

    A wrestling bonanza is generating public unease in Senegal as large pots of prize money and the sport’s soaring popularity is encouraging a growing number of boys to drop out of school to seek stardom in the arena. Blanket media coverage and the chance for victors to escape poverty by earning up to $300,000 per contest has fired up the passion for the sport to dizzying levels.

  • tourism

    Johannesburg’s Urban Renewal

Photo: By Karen Elowitt, 04:45pm

    A decade ago downtown Johannesburg was a no-go area of high-rise slums, violent crime and streets filled with trash. Now, many parts of downtown are bursting with chic shops, trendy restaurants, cutting-edge galleries and edgy hotels, thanks to young creatives who’ve transplanted from the suburbs and spurred urban renewal efforts. Downtown, which was never high on travellers’ itineraries, is now attracting a new wave of urban tourists.

  • tourism

    How India Is Pushing Tourism In Ghana

    Thinkstock By Makula Dunbar, 04:40pm

    The Deputy Indian High Commissioner to Ghana, Ajaneesh Kumar, has expressed optimism that Ghana will derive a lot economically, if her tourism potential is exploited with the needed attention and support. According to him, tourism has become a global business which can contribute to the socio-economic development of the country.

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